PRINCIPAL COMMISSIONER OF INCOME TAX-1, KOLKATA vs. M/S. AMBITION AGENCIES PRIVATE LIMITED

Bench: : The Hon’Ble Justice T.S.Sivagnanam A N D The Hon’Ble Justice Hiranmay Bhattacharyya Dated : November 15, 2021. [Via Video Conference] Appearance : Mr. P.K. Bhowmick, Advocate …For The Appellant Mr. Pranit Bag, Advocate …For Respondent The Court :- This Appeal By The Revenue Filed Under Section 260A Of The Income Tax Act, 1961 (The Act In Brevity) Is Directed Against The Order Dated 9Th November, 2016 Passed By The Income Tax Appellate Tribunal “C” Bench Kolkata (Tribunal) In I.T.A. No.713/Kol/2011 For The

68 of the Act. Further the order stated that penalty proceedings under Section 271(1)(b) and 271(1)(c) will be initiated separately. Aggrieved by such order assessee preferred an appeal before Commissioner of Income Tax (Appeals)-I, Kolkata, C88 contending that the Assessing Officer committed an error in treating the entire share capital as undisclosed cash credit